Looking to buy a house or refinance your mortgage in California? Visit me here: www.realestateteamfinder.com Please SUBSCRIBE HERE bit.ly/31kAR73 My Gear I Use for TH-cam: www.amazon.com/shop/jasonwalter
I've been in the market a couple of years. I'm in Northern California Bay Area, it's definitely slowed in homes are sitting for longer, I'm seeing over 50% of the listings decreasing their prices to attract more buyers which I have not seen in years. Also the days of multiple offers and going over 300- 400K are over
Similar vibes in Sacramento. More inventory than last year. Yet, still so low. Lackluster sales have helped the months of supply be higher as you said.
Last few weeks everybody is talking about how prices are gonna go up once the supply increases which will bring the demand back. In other words the decreasing supply causes the prices to go up and the increasing supply is causing the prices to go up. Something is very wrong with that picture.
The real shock to home prices will be when those techies who were recently replaced by ai start losing their homes. All those foreclosures will become the new comps by which banks will determine what they are willing to lend when they do their appraisal for new loans
@@JaydogRules-q6w Have you seen the SP manufacturing index lately. It's all sectors of the economy. US Manufacturing hasn't seen these lows since 2010. It should be obvious where this is headed, but I can see why someone who's invested would chose to ignore all the flashing warning signs. I guess you can cross your fingers and hope
The combination of higher consumer prices due to inflation and higher interest rates over the last three years takes a bigger bite of the budget, keeping buyers at the low end out of the market.
@@JaydogRules-q6w😂😂😂. They should ask what was the rent back then. I remember in 2008 I was still renting because I couldn’t afford to buy. My rent in 2008 was 1200 for 2br and 2ba in national city. Now it’s currently listed at 3200.
@@JaydogRules-q6wpeople don’t understand we’re the opposite of 2006 except for the price and higher unemployment in 2008. I don’t remember we had inflation and we had too much inventory from foreclosure, short sale and new build.
FRED for new homes goes back to 1960s I believe and it’s free. Check out my updated and new home sales/prices each month. I provide a link in the video description.
Prices are way too pricey in California still. For a home of 4 beds 3 bath at 1 mil., would need multiple people with f/t incomes, which is impossible to live in few rooms. The two parent household would need $280k annually to live barely ok, after you factor in car notes. Something is going to break once more job loses come about. 😢
Do the "average payments" include insurance? HO insurance in CA has increased a lot in the last 2 years, even with standard fire insurance. In areas needing FAIR fire insurance, that may impact house price.
Just principal and interest. The increase of insurance varies greatly by location. I’m in Sacramento and mine has barely increased over the pasts several years.
@@JaydogRules-q6wTaxes are capped, insurance is regulated. Insurers can stop writing policies, cancel existing ones, forcing homeowners to pay $$$$ for FAIR plus liability, or risk being uninsured.
I read an article recently Per the article “The state of California has set an ambitious goal of building 2.5 million units of new housing by the end of the year 2030-that’s almost 500,000 units per year. Over the past decade, housing production averaged fewer than 80,000 new homes each year” This is why California real estate will not drop any significant value Supply and Demand
The foreign buyers like Chines Immigrants, who buy on cash may be slow down. Does USA ever question on the source of these cash collected by the new immigrants?
Because real estate is the best asset class and it will keep up with inflation over time. Having said that, you have to be creative and make appropriate sacrifices.
Looking to buy a house or refinance your mortgage in California? Visit me here: www.realestateteamfinder.com
Please SUBSCRIBE HERE bit.ly/31kAR73
My Gear I Use for TH-cam:
www.amazon.com/shop/jasonwalter
Still wayyyyyy too expensive
It’s been going up since…
You should get in before Interest rates drop more!
Still so expensive in San Diego! It’s ridiculous! An open ugly house in a shady neighborhood is over $1.5M!
Thank you, Jason. This is fantastic and you have a new subscriber.
Thank you and welcome to the family.
In my corner of Yolo county, almost all SFH under $450k are serious fixers.
I remember when around $250k was the average price in Sacramento. Lack of homes under $400k in the state :/
I've been in the market a couple of years. I'm in Northern California Bay Area, it's definitely slowed in homes are sitting for longer, I'm seeing over 50% of the listings decreasing their prices to attract more buyers which I have not seen in years. Also the days of multiple offers and going over 300- 400K are over
Thanks Jason!!
Fantastic analysis, I really appreciated that!
Thank you Sir
My pleasure! Glad it was helpful. I appreciate you, Matt.
Similar vibes in Sacramento. More inventory than last year. Yet, still so low. Lackluster sales have helped the months of supply be higher as you said.
Thank you
Last few weeks everybody is talking about how prices are gonna go up once the supply increases which will bring the demand back. In other words the decreasing supply causes the prices to go up and the increasing supply is causing the prices to go up. Something is very wrong with that picture.
The real shock to home prices will be when those techies who were recently replaced by ai start losing their homes. All those foreclosures will become the new comps by which banks will determine what they are willing to lend when they do their appraisal for new loans
Home equity is near all time highs so wouldn’t they just sell?
@@JasonWalter1obvious. But it ignites a race to the bottom
Is that supposed to be some nationwide thing going on now? Lol
@@JaydogRules-q6w Have you seen the SP manufacturing index lately. It's all sectors of the economy. US Manufacturing hasn't seen these lows since 2010. It should be obvious where this is headed, but I can see why someone who's invested would chose to ignore all the flashing warning signs. I guess you can cross your fingers and hope
@@JasonWalter1sales volume it at an all-time record low. That equity can quickly become negative equity
Jason please go ahead and make the CA inventory levels return to pre 2019 numbers. I’d appreciate it. 😉
😀
How about condos in California?
The combination of higher consumer prices due to inflation and higher interest rates over the last three years takes a bigger bite of the budget, keeping buyers at the low end out of the market.
belated happy birthday
Thank you very much!
Good morning
Morning!
What was days on market I. 2006??
There was more than double the inventory we have now.
Any other irrelevant questions?
@@JaydogRules-q6w😂😂😂. They should ask what was the rent back then. I remember in 2008 I was still renting because I couldn’t afford to buy. My rent in 2008 was 1200 for 2br and 2ba in national city. Now it’s currently listed at 3200.
@@JaydogRules-q6wpeople don’t understand we’re the opposite of 2006 except for the price and higher unemployment in 2008. I don’t remember we had inflation and we had too much inventory from foreclosure, short sale and new build.
I think he said 16 weeks
Does anyone know of a real estate website that is not behind a paywall and has over 10 years of house price history?
FRED for new homes goes back to 1960s I believe and it’s free. Check out my updated and new home sales/prices each month. I provide a link in the video description.
@@JasonWalter1 Thanks Jason
interesting
Prices are way too pricey in California still. For a home of 4 beds 3 bath at 1 mil., would need multiple people with f/t incomes, which is impossible to live in few rooms. The two parent household would need $280k annually to live barely ok, after you factor in car notes. Something is going to break once more job loses come about. 😢
Do the "average payments" include insurance? HO insurance in CA has increased a lot in the last 2 years, even with standard fire insurance. In areas needing FAIR fire insurance, that may impact house price.
Just principal and interest. The increase of insurance varies greatly by location. I’m in Sacramento and mine has barely increased over the pasts several years.
@JasonWalter1 Both taxes and insurance increases are capped by law in California.
@@JaydogRules-q6wTaxes are capped, insurance is regulated. Insurers can stop writing policies, cancel existing ones, forcing homeowners to pay $$$$ for FAIR plus liability, or risk being uninsured.
@MaddieBr No they cancel policies in California arbitrarily. The csn only non-renew at the end of an already paid for term. Hhhh
Can we see regional data in CA? Looking at all the CA doesn't tell much
That's part 2 (county specific video). I make 2 vids per month regarding the CA housing market. Part 2 will be sometime this week.
I lied… it will be next week. Got too busy with my day job with two offers being accepted on two houses.
@@JasonWalter1Looking forward to this 😊
I read an article recently
Per the article
“The state of California has set an ambitious goal of building 2.5 million units of new housing by the end of the year 2030-that’s almost 500,000 units per year. Over the past decade, housing production averaged fewer than 80,000 new homes each year”
This is why California real estate will not drop any significant value
Supply and Demand
Thank you for sharing! We need more homes to be built, especially entry level houses.
The foreign buyers like Chines Immigrants, who buy on cash may be slow down. Does USA ever question on the source of these cash collected by the new immigrants?
House price going up again almost 99% next week price is increasing and good time to buy
Why bury yourself in all this debt?
Because real estate is the best asset class and it will keep up with inflation over time. Having said that, you have to be creative and make appropriate sacrifices.
1😊
Good morning
@@renelopez2244 great morning friend😊
Good morning!